Lacoste to upgrade stores, increase online sales contribution in India
French fashion and lifestyle brand Lacoste aims to expand in India by upgrading and increasing the size of its brick-and-mortar stores and increasing the sales contribution coming from its e-commerce store.
Lacoste is pursuing omni-channel expansion in India with the aim of elevating the consumer experience and offer links between online and offline shopping, ET Bureau reported. The brand is in the process of increasing the size of its offline stores to ameliorate the offline experience while also premiumising both its products and brand image in India.
“Our aim is to expand our contribution of online sales in the next four to five years to a bigger chunk as compared to today,” said Lacoste India’s managing director and CEO Rajesh Jain at the recent ET Retail Tech Summit 2022, ET Bureau reported.
To help boost its online capabilities, the brand plans to partner with a number of select third-party marketplaces this year. This would enable the brand to reach more customers online while maintaining its positioning as an aspirational brand.
Reporting that sales have bounced back and even surpassed pre-pandemic levels, Jain said that the price hikes in raw materials are leading to a decrease in profit margins. However, Jain said the brand is confident that sales growth will continue for two to three years as it is driven by increased consumption and that margins should improve in time.
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